The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-04-10
EVIDENCES OF PROSPERITY.
Increasing Activity il, the Real Estate
Market Of Indianapolis.
ANumber Of Costly improvements That Are
About To Be Objections to Wild
Western Boom Being Started Here.

The more conservative men w. no deal in real
estate, or have a knowledge of IN tendency to
respond to a fictitious force are S, ,mewhat APP
prehensive that healthy and lasti. ag activity
in the market will be nullifed by an l. nclination
to talk too extravagantly abour the pres, mt pros
porous condition 1t is their belief Il at the
fever now manifested in prospecting for aturai
gas carries with it danger that ought to DO
checked While there is no doubt that real
estate is moving upwards all over the county.
a benefit of which Indianapolis IS deriving sub
stantal share, the eas-weli in fact and the gas
well in prospect are initiating values Out of
this will come speculation which is regarded as
the breaker which may wreck prosperity. There
has been an effort, also, to force prices
by giving false figures in estimating the probable
extent Of current prosperity. 1T is all nonsense
said one. yesterday, thoroughly conversant with
real estate. 'to claim that residence property is
worth 1000 per front foot Isaw that stated the
other day. Why. one can buy very choice prop
erty for $15O per front foot" He regards such
statements as G preliminary to imitation in the
event gas is found in this locality. This is the
only danger. the counting too much on what
may be, rather than utilizing the present
bounds of legitimate investment. Another
gentleman, who perhaps pays much if not
more taxes real estate than any one. said he
was satisfied with the evidences Of the citys
prosperity. 1t was now healthy and of per-
mansnt value, but il the conditions were dis
turbed by q speculative favor, he could see
nothing ahead but another long period of de-
preston. The real estate market, as it now is,
u IA hnnv~
dragging for years and the turn for the better
came naturally. Purchases were at first
made for permanent holdings, but as
each week frightened affairs more and more,
money that wanted to turn large profit sought
investment. Along with it could be detected the
FIRST symptoms of speculative fever and the
way to realize the most good and escape wreck
Mt the end of the season IS to hold fast to the
sturdy natural growth in prices.
ut would be good thing for the city," q real
estate man remarked, 'if there no boom.
Property is at fair value now and
ought to be held there. 1t is strange
though, that while one does not expect
to get more than five and half
Per cent net personality, he will 60 into real
estate with the view of reaching from to II
per cent. 1t is in this manner that rents are ad-
vanced on almost every dollar of increase in
real property. II speculation should now come
in to disturb the market rents would naturally
20 up, keeping pace with the fictitious values.
You see how much better it is to encourage
prosperity on the conversative line. Indian
apois is growing as~fast possible, and she
does not need any great hurrah to make her
prosperity greater"
Another feature OF tho market is that purchas-
es are mostly made with home money. The in
terest stays here. This alone has supported the
confident feeling OF the lasting strength in real
estate. Very few outside loans are made and
what burdens have been incurred through that
means for several years past have been greatly
lessened. There is no wild trading yet nor will
there be any unless the conditions of danger de-
scribed get away with mems judgment. While
homo money is doing the greater part of the
service in sustaining the activity of the
market which is better than for many years past,
outside capital is coming for investment. There
Is a large sum in one of the banks waiting to
change hands for any desirable real estate. The
noticeable transfers during the week were: Will
lam s. Hubbard to John q. Dean. eighty feet
front, on North Meridian street, by 800 feet in
depth just north of Second street, SIS, 900; Rich
ard Smith TO Valentine Kiefer, 81 feet 81 inches
front on Michigan street by LOG feet in depth a
residence, So. 400: Mary E. List to James III. Ris-
ley, farm of "a acres, 5000.
RnAde abe last week building interests main
Ained their strength, notwithstanding the pos
liabilities of some difficulty with workingmon
Y who want higher prices. The value of permits
reached $25 965, to which should be added at
least 10 per cent TO represent the actual cost of
the structures The permit record gives the tax
assessors advantage, and property holders
generally spend more in new buildings than is
shown. Mrs. Ella Burns is to build 81, 200 cot
tage Mississippi street. between Ninth and
Tenth; T. A. Morris is to give his property on
South Meridian, between Georgia and MARYLAND,
brick addition worth S., 500; Margaret Fletcher
will have constructed O $1,000 cottage
on Kellemies street. between Clifford and Brook
side avenues. Wilson Morrow is to build res
dence on North Alabama street. between North
and Walnut to cost 81, 900, and NJ. Glass is to
have cottage on Newman street. between Cliff
ford and Brooksde avenues. to cost 81 900.
The improvements in course of construction
- by the Eagle machine works, for which So 000
permit has been issued, to add largely to the
capacity of that establishments The new works
are being put up on Missouri street In that
neighborhood, too, the Union Depot Company
has cleared the ground for its further operations
In building. Repairs have been made in the old
factory of Emley & Co., where tine manufacture
OF railway frogs and signals is to be resumed
under new company.
Signs of prosperity to be seen all about the
factories the South Side. The foundation of
the new Union passenger station has been soma
what delayed, but large force of men will
bring IL to completion in time TO have the build
Ing finished as nearly as possible within the con
tract time. On the south side of the present
depot-erlarge clearance storage-house is to bt
6diit extending from Illinois to Meridian street
All the property necessary for this purpose ha.
been secured. Adjoining the new passenger sta
ton will be erected block of buildings by
Messrs English, Malott, Yanees and Faehr. TheS
have decided to build, and have cleared away
part of the old shells to make room for the new
structure but the plan to be followed has no
been definitely selected. 1t will, however, caus
an outlay of 800, 900 or more Mr.. Faehr is als
to begin a building South Meridian, nea
Louisiana street